Powered by MyFinB, banks may dissect the entire financing value chain for higher yield and more opportunities.
SCREENING FOR OPPORTUNITIES
Instead of waiting for prospective clients to approach them, banks can adopt a more proactive approach and acquire basic financial information from third party data providers. Based on this information, the MyFinB platform will generate financial and bankability ratings that banks can employ to identify the prospective client to pursue.
Currently, banks typically reject approximately 60% of loan applicants. Often, banks do not provide the rationale for their decision nor – more importantly – suggest measures that would improve the applicants’ credit rating and by extension their worthiness for loans.
MyFinB can transform at least one third of these applicants to become bankable in the next 6 months through its credit repair programme.
MONITORING & EVALUATION
In granting approval to a loan application, banks embark on a journey with the loan applicant, as banks must continually monitor the client borrower in an efficient manner. Through MyFinB’s reports, banks gain insights on the potential issues or risks associated with each borrower.
A simple follow-up check and clarification on these flagged issues would go a long way to reducing the risks of delinquency or non-performance.
CROSS-SELL & UPSELL OPPORTUNITIES
Throughout the funding process, the banks can employ MyFinB to identify those active borrowers who possess the financial capacity to assume more leverage to expand their business. MyFinB is able to profile and characterise the enterprises’ present and future strategic posture.
In this manner, MYFinB enables banks to anticipate the types of financial products that are required by the enterprises to achieve their strategic objectives.
COMPLETION OF FUNDING CYCLE
Once the borrower clients have successfully repaid their overall obligations on the final due date, the banks can use MyFinB to identify those who made disciplined and consistent repayments.
Additionally, the banks can also measure the impact that leverage had on the borrowers’ financial health
Employing MyFinB’s analytical reports, banks can then discern which companies are “good clients”. By providing recognition or award to these clients, the banks can foster excellent branding and client relationship with the business community as a whole.